Growing Indian Real Estate Sector

1 year 11 months ago, Ani

The real estate sector in India has come a long way by becoming one of the fastest growing markets in the world. It is not only successfully attracting domestic real estate developers, but foreign investors as well. The growth of the industry is attributed mainly to a large population base, rising income level, and rapid urbanization. The cities and towns in India are expanding and the space requirement for education, healthcare and tourism provides opportunities in the real estate sector. The industry in India contributes about five percent to the country's Gross Domestic Product and, in the next few years, this contribution is expected to rise to six per cent. The total revenue generated in fiscal 2011-12 stood at around 314 million USD. After undergoing corporatisation and professionalisation, today real estate is recognized as one of the key sector contributing to the country's economic development. The Union Budget 2013 on the other hand is looking forward to improving the sector sentiment further and at the same time re-stimulate its growth. Real estate plays an important role in the Indian economy, as it is the second largest employer after agriculture. The size of the Indian real estate market is expected to touch 180 billion USD by 2020.